Wednesday, July 23, 2025
  • About
  • Advertise
  • Careers
  • Contact
The Reflector Newspaper
  • Home
  • News
  • Politics
  • Featured
  • Foreign News
  • Business
  • Opinions
  • Sport
  • Crime
  • Others
    • Education
    • Economy
    • Entertainment
    • Fashion & Style
    • Health
    • Interview
    • Love & Relationships
    • Technology
  • Login
No Result
View All Result
The Reflector Newspaper
Home Featured

Oil Production: FG Declares End To Dormant Fields

Ifeanyi Uzoechiena by Ifeanyi Uzoechiena
July 1, 2025
in Featured, News
0
0
SHARES
4
VIEWS
Share on FacebookShare on TwitterShare on LinkedInShare on WhatsAppShare on TelegramSend to Email

 

In a renewed push to meet its OPEC production quota and 2025 budgetary targets, the Federal Government on Tuesday declared an end to the era where oil companies acquire field licenses and leave them dormant.

Related posts

Senate Spokesperson Tag Natasha’s NASS Return Bid ‘Skit-Making’

Senate Spokesperson Tag Natasha’s NASS Return Bid ‘Skit-Making’

July 22, 2025
Awujale of Ijebu Land, Oba Sikiru Adetona, Joins Ancestors

Senate Pays Tribute To Late Awujale

July 22, 2025

The government warned that it would no longer tolerate operators lacking the technical and financial capacity to develop oil fields, stressing that such licenses would be withdrawn.

Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, issued the warning at the ongoing 2025 Nigeria Oil and Gas Energy Week in Abuja.

He said the government was determined to maximize oil production by ensuring that only serious investors retain access to Nigeria’s hydrocarbon resources.

The conference had the theme: “Accelerating Energy Progress Through Investment, Global Partnerships and Innovation”.

The Minister said: “In our ongoing drive to boost national oil production, the Federal Government remains resolute in ensuring that maximum value is derived from upstream assets currently held by operators.

“This objective has taken on greater urgency as global financing for oil and gas projects continues to tighten, making it increasingly difficult for all operators to secure the capital needed to develop these assets.

“It is no longer acceptable for critical national resources to remain in the hands of companies that lack the technical or financial capacity to optimize them or worse, those who use such licenses merely as a lever to access scarce capital, only to divert it to unrelated ventures.

“Our oil and gas industry has witnessed far too many cautionary tales of this nature, and we must now draw a clear line”.

Lokpobiri said the government has engaged an international consultant to evaluate the 273 fees and rates faced by oil companies in the country to align them with international best practices.

Also speaking, the Minister of State Petroleum Resources (Gas), Ekperikpe Ekpo said Nigeria had proven gas reserves of over 200 trillion cubic feet, yet value would only be created when resources were developed and utilised.

Ekpo said that through the Decade of Gas initiative, the country was focused on translating its vast gas wealth into tangible socio-economic benefits.

This, he said, included driving industrialisation, expanding power generation, increasing domestic Liquefied Petroleum Gas (LPG) usage, deepening gas-to-transport adoption, and growing gas export capacity.

Group Chief Executive Officer of NNPC Ltd, Engr. Bashir Bayo Ojulari disclosed that the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline has successfully crossed the River Niger, boosting the hope of the project’s completion by Q4 2025.

Ojulari, who described the development as a significant milestone, said the feat was achieved through effective and innovative contract reengineering and industry collaboration.

He also disclosed that for the first time in a long while, the nation enjoyed 100% crude oil pipelines availability throughout June 2025.

He said the feat which was possible through the industry-wide security interventions led by the NNPC helped to boost crude oil production.

Ojulari however called for more investments to boost production, adding that NNPC Ltd has been able to turn the narrative around by consistently meeting its cash-call obligations to Joint Venture operations.

He said the Petroleum Industry Act (PIA) has placed NNPC Ltd in a good position to live up to its responsibility of leading the industry in financing projects.

 

VANGUARD

Tags: Oil Production

The Reflector Newspaper's newsletters cover a variety of topics, from daily news to lifestyle content, markets info to medical news. Subscribe to get the latest information.

Unsubscribe
Previous Post

92-Years-Old Man Jailed For 1967 Rape, Murder In UK

Next Post

Ganduje: No one is indispensable to Tinubu, Dele Momodu Warns Akpabio

Next Post
Economy: Nigerians Facing Hard Times, Akpabio Admits

Ganduje: No one is indispensable to Tinubu, Dele Momodu Warns Akpabio

RECOMMENDED NEWS

Osun PDP Raises Alarm Over Alleged Assassination Plot Against Gov Adeleke

Osun PDP Raises Alarm Over Alleged Assassination Plot Against Gov Adeleke

5 months ago
Video: Drama As Edo Gov Struggles To Pronounce N605bn Budget Figure

Rivers: Edo Governor Dissociates Self From South-South Govs’ Position On Emergency Rule

4 months ago
Zamfara Govt Inaugurates Committee To Clear Backlog Of Gratuities From 2015 To 2017

Zamfara Govt Inaugurates Committee To Clear Backlog Of Gratuities From 2015 To 2017

1 year ago
EFCC Withdraws Suit Against Yahaya Bello In Appeal Court

EFCC Withdraws Suit Against Yahaya Bello In Appeal Court

1 year ago

FOLLOW US

BROWSE BY CATEGORIES

  • Business
  • Crime
  • Economy
  • Education
  • Entertainment
  • Fashion & Style
  • Featured
  • Foreign News
  • Health
  • Interview
  • Love & Relationships
  • News
  • Opinions
  • Politics
  • Sport
  • Technology
  • Uncategorized

BROWSE BY TOPICS

#EndBadGovernance protest 2027 Elections ADC Akpabio Alaafin Of Oyo APC Atiku Bola Tinubu Buhari CBEX Coalition Dangote Refinery Defection Economic and Financial Crimes Commission (EFCC) Economic Hardship EFCC Emergency Rule Federal Government of Nigeria Fubara Fuel Price Fuel Price Hike Gunmen INEC JAMB Natasha National Power Grid Nigerian National Petroleum Company Limited (NNPCL) Nnamdi Kanu NNPC NNPCL Olubadan PDP PDP Crisis Peter Obi Petrol Price President Ahmed Bola Tinubu Rivers Administrator Rivers Assembly Rivers Crisis Senate Tinubu UTME VeryDarkMan WAEC Wike

POPULAR NEWS

  • Congo’s President Daughter’s Bedroom Surfaces Online

    Congo’s President Daughter’s Bedroom Surfaces Online

    0 shares
    Share 0 Tweet 0
  • Economy Bleeds As Naira Hits Record Low With N72.58 Depreiciation Against Dollar

    0 shares
    Share 0 Tweet 0
  • Old Naira Notes Remain Valid – CBN

    0 shares
    Share 0 Tweet 0
  • Gospel Actress, Flora Of Abattoir Movie Series Is Dead

    0 shares
    Share 0 Tweet 0
  • JUST IN: FCT Minister Wike Leads Eid-El-Fitr Homage To President Tinubu Amid Death Rumors

    0 shares
    Share 0 Tweet 0
The Reflector Newspaper

Our mission at The Reflector Newspaper is to cultivate a dynamic digital space where truth, integrity, and diversity thrive.

Follow us on social media:

Recent News

  • Senate Spokesperson Tag Natasha’s NASS Return Bid ‘Skit-Making’
  • Senate Pays Tribute To Late Awujale
  • Renewed Hope Global Congratulates Super Falcons On Reaching WAFCON Final
  • Tinubu In Closed-Door Meeting With Three Ministers, CBN Gov, FIRS Boss

Category

  • Business
  • Crime
  • Economy
  • Education
  • Entertainment
  • Fashion & Style
  • Featured
  • Foreign News
  • Health
  • Interview
  • Love & Relationships
  • News
  • Opinions
  • Politics
  • Sport
  • Technology
  • Uncategorized

Recent News

Senate Spokesperson Tag Natasha’s NASS Return Bid ‘Skit-Making’

Senate Spokesperson Tag Natasha’s NASS Return Bid ‘Skit-Making’

July 22, 2025
Awujale of Ijebu Land, Oba Sikiru Adetona, Joins Ancestors

Senate Pays Tribute To Late Awujale

July 22, 2025
  • About
  • Advertise
  • Careers
  • Contact

Copyright © 2024 The Reflector Newspaper. Website designed by Mavens Designs.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
  • Login
  • Home
  • News
  • Politics
  • Featured
  • Foreign News
  • Business
  • Opinions
  • Sport
  • Crime
  • Others
    • Education
    • Economy
    • Entertainment
    • Fashion & Style
    • Health
    • Interview
    • Love & Relationships
    • Technology

Copyright © 2024 The Reflector Newspaper. Website designed by Mavens Designs.

Verified by MonsterInsights